Sensex, Nifty Set To Drift Lower On Weak Global Cues
(RTTNews) - Indian shares are likely to open lower on Tuesday, mirroring weak global cues as global growth worries mount. IT stocks would continue to remain in focus, with HCL Technologies due to unveil its quarterly earnings results later in the day.
Benchmark indexes Sensex and the Nifty ended marginally lower on Monday while the rupee closed at a fresh record low of 79.45 against the dollar.
Asian stocks were broadly lower this morning as risk-off sentiment dominated global markets amid worries that an energy crisis in Europe will tip the region into a recession.
The dollar index rose to the highest since October 2002 ahead of key U.S. inflation data due this week, while oil prices fell over 1 percent on worries about the fuel demand outlook.
U.S. stocks fell overnight as investors awaited cues from earnings, a slew of economic data and key inflation figures due this week.
The tech-heavy Nasdaq Composite fell 2.3 percent to snap a five-day winning streak as Tesla CEO Elon Musk sought to terminate his Twitter deal. The S&P 500 lost 1.2 percent and the Dow shed half a percent.
European stocks fell for the first time in three days on Monday, with concerns over an energy supply crunch and fresh Covid-19 curbs in China weighing on sentiment.
The pan European Stoxx 600 dropped half a percent. The German DAX tumbled 1.4 percent and France's CAC 40 index gave up 0.6 percent while the U.K.'s FTSE 100 ended on a flat note.
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